Preparing for job loss

How to Prepare for Sudden Job Loss: Worst-Case Scenario

Preparing for the worst softens the blow financially and emotionally.
So if the ax does fall, don't sweat it: Simply spring into action.

If you receive a severance package -- and you should negotiate for one
even if it is not offered -- spend it wisely. Use it to pay for living
expenses, not luxury items. Immediately visit or call your local
unemployment office to apply for benefits. Don't forget to sign up for
COBRA as well.

Should you find yourself falling short financially, despite your
planning, contact your creditors immediately. Tell them you've been
laid off and are actively seeking new employment. You can often save
your home or car simply by working with your lender to adjust your
payments. Credit card companies may also offer hardship plans. Student
loans may be placed in forbearance.

Finally, stay positive and start your search for a new -- and better --
job